Deposit Solutions, a Germany-based financial technology company, has raised $100m in a new funding round led.
The round was led by private equity firm Vitruvian Partners.
The new funding values the company at $500m. The round was also joined by Kinnevik and its existing shareholders.
Deposit Solutions founder and CEO Dr Tim Sievers said: “We are delighted to welcome Vitruvian and Kinnevik as new shareholders. They are experts in supporting high-growth companies, which makes them ideal partners for us.
“Their deep industry expertise and financial firepower will help us achieve our mission of making Open Banking the new standard for the global USD 50 trillion market for savings deposits.”
The company’s open banking platform is designed to allow the banks to utilise Banking-as-a-Service model to connect and receive access to deposit funding from other Point-of-Sale (POS) clients operating in other markets.
It eliminates the need to develop and operate a new deposit infrastructure for these customers.
Additionally, Deposit Solutions operates its own Points-of-Sale as ZINSPILOT and SAVEDO brands enabling to commercialise the deposit offers of its partner banks to the customers.
The banks and POS owners can also integrate the Deposit Solutions platform to their system to offer various deposit products to their customers.
Currently, Deposit Solutions connects around 70 banks across 16 countries to nearly 30 million savers through the Points-of-Sale.
Commenting on the investment, Vitruvian Partners spokesperson said: “As a pioneer of Open Banking Deposit Solutions has shown remarkable performance in rolling out a true innovation and enabling a marketplace for one of the most important product categories in banking.
“The company already operates the leading platform for savings deposits in Europe.
“With our expertise in scaling high growth technology companies we will help accelerate the growth of the business even further.”